Oil cost, tech losses weigh Wall Street | Arkansas Democrat Gazette

Wall Street fell as oil prices and technology-linked losses weighed on equities, with Thursday’s sharp declines in Alphabet and Tesla contributing to the U.S. market’s worst loss in a month. The S&P 500 dropped 1.2% and was set for its first back-to-back weekly decline since March, while the Dow Jones Industrial Average fell 506 points, or 1%, and the Nasdaq Composite sank 2.2%. Brent crude rose 7%, settling at $100.69 per barrel after reaching $102, the highest since May for the most actively traded contract. The jump followed attacks on two Saudi oil tankers in the Red Sea, adding to disruption risks alongside the Strait of Hormuz. U.S. Treasury yields moved higher, with the 10-year yield rising from 4.67% to 4.69%, and gasoline costs averaging $4.09 per gallon. Airlines were hit as higher fuel costs increased concern, with American Airlines shares down 8.4% and Southwest down 6.2%.